January 29, 2020

94% of companies in Africa, others experienced cyber attack in 2019

cyber attack

By Providence Adeyinka

Afrocet Montgomery, organiser of West African Cyber Security Summit, WACSS, has said that about 94 percent of companies in Africa and Middle East experienced cyber attacks in 2019.

Also, the organisation announced plans to hold the WACSS on March18, 2020, with the theme: ‘Building Sustainable Defence through Information Security’, alongside Securex West Africa exhibition on March 17 and 18 2020, all at the Landmark Centre, Lagos.

In a statement, the organiser said that there are not enough skilled cyber security professionals  to properly plan, manage, integrate and optimize security devices, strategies and protocols, explaining that the two-day event which encompasses commercial, cyber, homeland and perimeter security, fire and safety, will welcome industry members from and across the African region to share insights, experience and innovation.

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Over the next five years, economic loss due to cybercrime is predicted to reach an unprecedented $5.2 trillion – almost the size of the economies of France, Italy and Spain combined , the World Economic Forum, predicted last September.

‘’An African cyber security study by Demadiur Systems Limited revealed banks, insurance companies, and government institutions in Nigeria spent an estimated sum of $270.22 million in 2018 to prevent cyber attacks.”